Sublime

In the dogma of neoclassical economics, redundancy is to be avoided as ever larger economics of scale are used to increase the profits of a few to the systemic detriment of many.

money is universal credit and that its supply and value in a free market is a reflection of the reality of how much valuable work has been done and not redeemed.

It traditionally assumed that firms were independent, and so changes would be independent, and so their sizes and aggregate effects would be distributed normally.

rabbit. So you can think of the economy as a series of shocks moving to an equilibrium, shock, moving to an equilibrium.

• If history is any guide, the USD is about to peak cyclically, in line with our interest rate view.

The rate of interest isn’t merely a price; it is also a code, a mini-encyclopaedia of information about the person we are lending to, the chances of success, the risk in the region, the competition in the market, the technological infrastructure, and a whole host of other variables.

One of the things that we found very interesting was, once you have interest rate at zero, a cash flow in the future becomes as important as a cash flow you have visibility on.